CFD Advisors Accountants - Tax Updates

CFD Advisors Accountants - Tax Updates  

Here is a small list of tax updates & concepts on the go!

Extension of instant asset write off

The Small business entity (SBE) instant asset write off will be extended to 30 June 2020; and,

The instant asset write off threshold will be increased from $20,000 to $25,000 (exc GST).

This is effective from 29 January 2019.

Home office expenses claim

The special rules for home office running expenses - rate increase from 45 cents to 52 cents per hour, effective from 1 July 2018. 

Tackling the Black economy

The Government has released a consultation paper seeking submissions for a reporting regime on the sharing economy. The sharing economy refers to providers such as, uber and airtasker to name a few.  Such operators and financial institutions will assist to provide information to the ATO for data matching and prefilling reports.

Enjoy the long weekend and be safe on the roads.